ABC Company established a branch in Pasig on March 1, 2022. Shipments of merchandise at billed prices during March were as follows: March 5, 2022 (at P165,000 10% mark-up) March 10, 2022 (at 240,000 20% mark-up) March 20, 2022 (at 25% mark-up) 175,000 On March 21, 2022, the branch returned defective merchandise which was billed a P15,000 (received on March 20, 2022). The monthly report submitted by the brand to the home office for the month of March showed that unsold inventory was P196,000. The branch reported net income for the month of March of P49,500. 1. How much is the cost of goods sold to be reported by the branch for March?
ABC Company established a branch in Pasig on March 1, 2022. Shipments of merchandise at billed prices during March were as follows: March 5, 2022 (at P165,000 10% mark-up) March 10, 2022 (at 240,000 20% mark-up) March 20, 2022 (at 25% mark-up) 175,000 On March 21, 2022, the branch returned defective merchandise which was billed a P15,000 (received on March 20, 2022). The monthly report submitted by the brand to the home office for the month of March showed that unsold inventory was P196,000. The branch reported net income for the month of March of P49,500. 1. How much is the cost of goods sold to be reported by the branch for March?
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter10A: The Voucher System Of Accounting
Section: Chapter Questions
Problem 3P
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